Financing a Ferrari or lambo | FerrariChat

Financing a Ferrari or lambo

Discussion in 'Ferrari Discussion (not model specific)' started by Behemoth66, Sep 11, 2022.

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  1. Behemoth66

    Behemoth66 Rookie

    Oct 30, 2021
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    #1 Behemoth66, Sep 11, 2022
    Hey guys so I’m finally ready to pull the trigger =] . Curious about financing options. I have a 730 credit score no previous auto loan always did that cash. My wife however has a 720 with a 14 year history with a few auto loans paid off (benz bmw). Our combined income is 380k a year including my VA pay for life which is about 5k a month non taxable. We own our condo. My question is, is it possible to purchase/lease a Ferrari or Lamborghini with zero money down ( willing to put down 30-50k if necessary) for a 280k vehicle? Oregon registration so no taxes to pay =] . Thanks for any input appreciated


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  2. audi_328

    audi_328 Formula 3
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    #2 audi_328, Sep 12, 2022
    No idea about your logistics, but the first place I'd look to finance would be Penfed.org. Rates there have been great for fun cars, super easy to work with.
     
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  3. paulchua

    paulchua Cat Herder
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    #3 paulchua, Sep 12, 2022
    another nod with Penfed. Love those folks.
     
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  4. FerrariCognoscenti

    FerrariCognoscenti Formula 3

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    #4 FerrariCognoscenti, Sep 12, 2022
    Woodside will make you do 20% down minimum, but they’ve got the most favorable terms to keep payments low (like 120-144 month loans). For non exotics my goto is Navy Fed, worth looking into.

    Also curious about the VA- how are you getting $5k/mo? The 100% rate is something around $3500/mo right now. Is there combined with your spouse?
     
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  5. buddyg

    buddyg F1 Veteran
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    #5 buddyg, Sep 12, 2022
    I have used Putnam good to work with but will require 20% down. Let me know I can send you my sales guy contact info.
     
  6. haithman

    haithman Karting
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    #6 haithman, Sep 13, 2022
    Ferrari financial also offers financing options although not cheap
     
  7. Townshend

    Townshend F1 Veteran
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    #7 Townshend, Sep 13, 2022
    Not sure if this has changed but they used to have a $100k max loan. Lightbox is another option and you don't need to sign over title with LB.
     
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  8. Shorn355

    Shorn355 F1 Veteran
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    #8 Shorn355, Sep 13, 2022
    I financed a portion of my 88 Testarossa through Ferrari Financial - Credit score at the time was comparable to yours - single so income was lower - Ferrari Financial offered the best term/rate even compared to Woodside - they were great to deal with - paid it off early and no issues - had title within a week of final payment.

    My SO financed her Lotus Elise through Bank of America - great term/great rate - about the same credit rating and less income.

    If you are buying through a Ferrari Dealer they can find various options - Good luck with the process and eventual Ferrari ownership! Cheers :)
     
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  9. Behemoth66

    Behemoth66 Rookie

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    #9 Behemoth66, Sep 14, 2022
    Long story shot, was diagnosed with cancer after my 2nd tour in my 20’s.. Had to drop out of my 2nd year of Med school due to medical issues. The va gave 100% P&T Even though it went into remission in 2020 the VA decided to keep the P&T due to I was able to make a case that just because the cancer is in remission , it didn’t mean I was cured. They agreed. So the 4900$ is for life lol (3800ish with wife and parents as dependents + plus 1070$ special pay added).


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  10. Behemoth66

    Behemoth66 Rookie

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    #10 Behemoth66, Sep 14, 2022
    Thank you everyone. Switched over from USAA which is useless, opened an account with Navy Fed. Transferred over 180k, my Va pay, and our direct deposits from our employment and they were great to work with. Got qualified for a mclaren 600Lt for 260k at Lamborghini dealership lol. I’m between that mclaren and a Ferrari 458 they have. The sales manager is awesome and told me to take a few weeks and think about it after he let me test drive both vehicles. So taking his advice and will decided.


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  11. Shorn355

    Shorn355 F1 Veteran
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    #11 Shorn355, Sep 14, 2022
    Awesome - I am a Ferrari guy obviously but was also torn between the 600LT and the 458 Spider - I went with the 458 out of loyalty to the marque - loyalty to the Dealership and for me without a doubt the most perfect 458 Spider even and IT found ME (like a dog or cat :)) but the 600LT is totally badass and the upper exhaust and heat shields on the wing are just off-the-charts badass. Good luck with the decision! Cheers :)
     
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  12. 19633500GT

    19633500GT F1 World Champ
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    #12 19633500GT, Sep 15, 2022
    Burn pit induced?

    Makes my blood boil.
     
  13. FerrariCognoscenti

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    #13 FerrariCognoscenti, Sep 16, 2022
    Sent you a PM


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  14. donkost

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    #14 donkost, Sep 16, 2022
    Did you mean to say Lightstream? I have used them in the past and it was a simple process, everything handled online within a day or two. Plus no lien on the car.
     
  15. Townshend

    Townshend F1 Veteran
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    #15 Townshend, Sep 16, 2022
    Sorry, yes! Lightstream.
     
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  16. WashingtonFerrari61

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    #16 WashingtonFerrari61, Sep 16, 2022
    I used Woodside Credit Union before, you have to have excellent credit history and put 20 percent down. I did 120 months on an R8. They will sell the loan within a month which was a first for me but they secure the financing with a private lending institution. They are a middle person which was interesting. I didn’t lose a dollar on the R8. Long-term financing can work if the car has depreciated enough.
     
  17. TommyTheV

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    #17 TommyTheV, Sep 17, 2022
    Hi! Was going to ask this question too but saw your thread. I am about to pull the trigger too but not as fancy with the vehicle I am after is just a 120+K F430.

    Have you tried reaching out to any of the recommended places from the members yet? I have sent inquiries to a few. Perhaps we can share some insight with one another to get the best deal out there? :)
     

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